A group of US billionaires is calling for a wealth tax – BBC News

A group of US billionaires is calling for a wealth tax – BBC News

Elizabeth Warren waves at her campaign kickoff in Lawrence, MassachusettsImage copyright
Getty Images

Image caption

The group says it is non-partisan, but praised Democratic presidential hopeful Elizabeth Warren’s wealth tax idea

Some of America’s richest people are urging US presidential candidates to back a wealth tax on the super-rich to improve inequality and climate change.

“America has a moral, ethical and economic responsibility to tax our wealth more,” they said in a letter.

Signatories include investor George Soros, Facebook’s co-founder Chris Hughes, and Molly Munger, daughter of billionaire Charlie Munger.

The group said they were non-partisan and not endorsing any candidate.

The open letter said: “A wealth tax could help address the climate crisis, improve the economy, improve health outcomes, fairly create opportunity, and strengthen our democratic freedoms. Instituting a wealth tax is in the interest of our republic.”

Among the 18 were a descendant of Walt Disney and the owners of the Hyatt hotel chain. Many in the group have been associated with progressive initiatives on issues such as climate change and the growing wealth gap.

The letter pointed out that fellow billionaire Warren Buffett has said he is taxed at a lower rate than his secretary.


While the group did not back a particular candidate, it praised a proposal by Democratic presidential hopeful Senator Elizabeth Warren that would lift taxes on those with more than $50m, a measure that would affect the 75,000 wealthiest families. She estimated that it would raise $2.75tn over 10 years.

The letter alluded to support among Democratic presidential candidates for higher taxes on the super-wealthy, including Pete Buttigieg and Beto O’Rourke.

Of about 40 countries, the US is the sixth highest in terms of wealth concentration, according to data from the Organization for Economic Co-operation and Development.

Taxing the super-wealthy “would slow the growing concentration of wealth that undermines the stability and integrity of our republic,” the letter said.

It added: “Today, major policies seldom come to pass without the prior support of wealthy elites or other wealthy interests. Division and dissatisfaction are exacerbated by inequality, leading to higher levels of distrust in democratic institutions-and worse.”

US president Donald Trump proposed a one-off wealth tax in 1999 to cut the national debt, but did not make it part of his election policy.


  1. … [Trackback]

    […] Info on that Topic: worldnewsnetwork.co.in/a-group-of-us-billionaires-is-calling-for-a-wealth-tax-bbc-news/ […]

  2. … [Trackback]

    […] There you will find 74509 additional Info to that Topic: worldnewsnetwork.co.in/a-group-of-us-billionaires-is-calling-for-a-wealth-tax-bbc-news/ […]

  3. … [Trackback]

    […] Read More Information here to that Topic: worldnewsnetwork.co.in/a-group-of-us-billionaires-is-calling-for-a-wealth-tax-bbc-news/ […]

  4. I keep listening to the news bulletin talk about receiving free online grant applications so I have been looking around for the most excellent site to get one. Could you advise me please, where could i find some?

  5. … [Trackback]

    […] There you will find 65015 additional Info to that Topic: worldnewsnetwork.co.in/a-group-of-us-billionaires-is-calling-for-a-wealth-tax-bbc-news/ […]

  6. Hi there, just become aware of your blog thru Google, and found that it is truly informative. I am going to be careful for brussels. I will appreciate should you continue this in future. Many other folks shall be benefited from your writing. Cheers!

  7. What’s Taking place i am new to this, I stumbled upon this I’ve found It absolutely helpful and it has helped me out loads. I hope to give a contribution & help different users like its helped me. Great job.

  8. Virtually all of what you claim happens to be supprisingly appropriate and that makes me wonder why I had not looked at this with this light before. Your article really did switch the light on for me personally as far as this specific topic goes. However at this time there is one particular factor I am not necessarily too comfy with so while I make an effort to reconcile that with the central theme of the point, permit me observe just what all the rest of your subscribers have to say.Nicely done.

  9. I precisely wanted to thank you so much yet again. I am not sure what I might have created without the entire secrets documented by you concerning such a situation. It became a very difficult situation in my circumstances, however , finding out your specialised way you handled that forced me to weep over gladness. I’m grateful for this work and then wish you realize what a great job that you are getting into educating other individuals using your blog post. I am sure you’ve never got to know any of us.

  10. An impressive share, I just given this onto a colleague who was doing a little analysis on this. And he in fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading more on this topic. If possible, as you become expertise, would you mind updating your blog with more details? It is highly helpful for me. Big thumb up for this blog post!

  11. This blog is definitely rather handy since I’m at the moment creating an internet floral website – although I am only starting out therefore it’s really fairly small, nothing like this site. Can link to a few of the posts here as they are quite. Thanks much. Zoey Olsen

  12. Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!

  13. Hmm it seems like your website ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I too am an aspiring blog writer but I’m still new to everything. Do you have any helpful hints for inexperienced blog writers? I’d certainly appreciate it.

  14. I think that is one of the most vital information for me. And i’m glad reading your article. However should remark on some general things, The site style is great, the articles is really excellent : D. Excellent job, cheers

  15. I would like to thnkx for the efforts you have put in writing this site. I am hoping the same high-grade blog post from you in the upcoming as well. Actually your creative writing abilities has inspired me to get my own website now. Really the blogging is spreading its wings fast. Your write up is a great example of it.


Please enter your comment!
Please enter your name here